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the ... on ... the Groupon's IPO we've been talking about some of the month ago and ultimately lead ... to new information on Shira over day Deal Journal ... Shira is here with the leaders ... on Friday people Paulson become a form of football after Euro there any other big multimedia giant at the Queen of beauty and usually don't answer is real economy ... I tell me about them ... I may have been ... on the calendar file to day life to the public since J in my savings to build an altered the apps ... next week to pitch the IPO investors ... of all we can actually have the IPO ... and today they laid out the third-quarter numbers which showed they lost ... a lot less money than they have been use to the sale ... of the upsets the grass that's progress for promised progress ... they also said they are planning to sell IPO shares at a range of sixteen to eighteen dollars a share those and ... less Morado ... I don't have that your perspective ... at the top end of the range of the roughly eleven point four billion dollar valuation or group on a lot of money for Covenant's three years old ... and people were talking about twenty or thirty billion dollar valuation ... only few months and months ago so that's that's it's that ... you mentioned you know that they're losing less money than it was before and seen back in the US Navy is back in ... the league nines in ... awe of you IPO boom ... that was okay ... but it seems like we've got a little bit more rational in terms of ... both companies ... had to make money ... when you actually go public ... yet that's a good point you're right that times change ... and these days actually have to have a business model right ... at the age of revenue if you're going to go public as a as a tech company ... but we have seen tech companies go public this year have successful IPO's ... with a relatively upbeat track record with the profitability ... of Pandora is perhaps the greatest example via online radio company ... aam ... were bought last ten million dollars in the third quarter ten million dollars plus ... of that was down significantly they spent a lot less money that the question though for Groupon that losses ... is about one quarter narrowed losses from window dressing ... there's a lot less money on marketing as I said ... or is this a sign that ... they can to a crime then the only are they could make the argument that the that she does not mean the nation yes they don't need to spend much of marketing ... the other hand ... since they've come around on a bunch of competitors aboard Spratt I mean ... there there ... there serve first mover advantage ... really just a few quickly the couple ... this is ... what exactly ... do ... however I ... coupons ... the use of the everyday signed up to get it was on offer from some local merchant in your city of restaurants spas ... haircuts whatever its fifty percent off ... Simko bond of which is those deals from merchants ... may also PH they signed up for our team for bond offerings ... and dad were bond gets ... more or less half of all the money that comes in for this coupon off to a share roughly half on average ... with the versus that's their business model would mean is that a lot of money on he is signing up new customers to get there you know people like you and me ... that's how they make money and yet you're right maybe it's because they have more name recognition they don't need to pitch themselves quite so hard maybe ... but ... more competitors than they had to store while ago ... I mean it is is is a high risk IPO is of the all IPO's are high risk and I think we should say that to all the dealers out there the ... IPO's are not for the faint of heart ... on average they underperform the market if you look at most academic research and this was definitely riskier than most ... the Scot perform well the other hand ... other ever when Goebel one public everybody thought that was going to be a high respect yet ... another win at eighty five dollars an ounce five and ... seven ... their success story Sarah Turner St answer is yes ... I cheered install ensure that a great deal of journal was closed about ... four G this is good this group on their slogan with the slogan where the Anzeiger pond we lost less money than Goldman Sachs ... that the winner reminder ... that isn't in ... the right